South Africa: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in South Africa

In 2022, the South African market for processed petroleum oils and distillates increased by 30% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +67.5% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Processed Petroleum Oils and Distillates in South Africa

In value terms, processed petroleum oils and distillates production declined to $X in 2022 estimated in export price. In general, production saw a perceptible decline. The pace of growth appeared the most rapid in 2021 when the production volume increased by 25%. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from South Africa

In 2022, approx. X tons of processed petroleum oils and distillates were exported from South Africa; surging by 49% on 2021 figures. Overall, exports recorded buoyant growth. The pace of growth was the most pronounced in 2013 when exports increased by 119%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Over the period under review, total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.9% against 2020 indices. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mauritius (X tons) was the main destination for processed petroleum oils and distillates exports from South Africa, with a 51% share of total exports. Moreover, processed petroleum oils and distillates exports to Mauritius exceeded the volume sent to the second major destination, Mozambique (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Mauritius amounted to +114.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mozambique (+59.0% per year) and Singapore (+6.1% per year).

In value terms, the largest markets for processed petroleum oils and distillates exported from South Africa were Mauritius ($X), Mozambique ($X) and India ($X), with a combined 84% share of total exports.

In terms of the main countries of destination, Mauritius, with a CAGR of +81.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Tanzania ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Swaziland (+5.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Processed Petroleum Oils and Distillates

Imports into South Africa

In 2022, overseas purchases of processed petroleum oils and distillates increased by 124% to X tons, rising for the third consecutive year after two years of decline. Overall, imports saw a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 168%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, processed petroleum oils and distillates imports surged to $X in 2022. Over the period under review, imports saw a prominent increase. The pace of growth was the most pronounced in 2021 when imports increased by 291% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of processed petroleum oils and distillates to South Africa, with a 36% share of total imports. Moreover, processed petroleum oils and distillates imports from India exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. Singapore (X tons) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+55.6% per year) and Singapore (+13.4% per year).

In value terms, India ($X) constituted the largest supplier of processed petroleum oils and distillates to South Africa, comprising 38% of total imports. The second position in the ranking was taken by Turkey ($X), with an 11% share of total imports. It was followed by Singapore, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from India amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+46.9% per year) and Singapore (+6.0% per year).

Import Prices by Country

In 2022, the average import price for processed petroleum oils and distillates amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when the average import price increased by 195%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-3.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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